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Biogen Idec (BIIB) Initiated as 'Buy' by Brean Capital, PT $184

 November 21, 2012 10:19 AM

(By Balachander) Biogen Idec Inc. (NASDAQ: BIIB) shares were initiated with a "buy" rating and price target of $184 by Brean Capital LLC.

Over the near term, BIIB's share price is likely to be driven by how investors contemplate the launch of the oral MS drug BG-12, market opportunity for hemophilia treatments, and upcoming data for Dexpramipexole in ALS, the brokerage said.

In 2011, Brean Capital said, two pivotal phase III trials for BG-12 in MS created an inflection point that took the market value of the drug from hundreds of millions to billions. "With BG-12, BIIB becomes the leading MS company on the globe," the brokerage wrote.

[Related -Biogen Idec Inc (BIIB): Top Reasons To Own Biogen Idec]

"Together with Tysabri, Avonex and its Lingo development program, BIIB's broad MS portfolio addresses the needs of any MS patient, creating a daunting challenge for any competitor to counter detail," Brean Capital said.

Brean Capital expects BIIB to enter 2013 preparing regulatory filings in hemophilia and ALS that each represent potential $1b+market opportunities not yet included in its profit forecasts.

"We believe 2013 will be a transformational year for BIIB," the brokerage said. "We believe the shares will continue to outperform over the next 12 months on the stability of BIIB's MS base business while the late stage pipeline sets the stage for accelerated top- and bottom-line growth beyond 2013."

The stock, which has been trading in the 52-week range of $107.41 to $157.18, added 0.72 percent to trade at $149.22 on Wednesday.



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